Ocean freight continue to fall! Large area suspension during the Spring Festival has not reached the stable freight rate expectations

Drury announced the latest world Container Rate Index (WCI), down 2%, the composite index fell to $2,046.51; Ningbo Shipping Exchange released the NCFI freight index fell 1 percent from last week.

It seems that shipping companies reduced and combined the liner to control transport capacity during the Spring Festival did not meet the expectations of maintaining relatively stable freight rates. In this period, the composite index, except for the freight of Shanghai to the United States, rose 1%, all other routes were in decline.

The Drury WCI Composite index of $2,046 per large box is 80 % below the peak of $10,377 reached in September 2021 and 24% below the nearly 10-year average of $2,694, indicating a return to more normal prices but still 46 per cent above the 2019 pre-pandemic average of $1,420.

Shanghai - Los Angeles freight rose 1%, rose to $2072 per trunk;

Shanghai - Rotterdam freight fell 4%, each big box fell to $1741;

Freight fell 6% in Shanghai, New York is $191, per trunk of $3241.

The freight from Shanghai to Genoa remains the same as the previous shipment at US $2778 per carton.

Drury expects rates to continue to fall slightly in the coming weeks.

According to Ningbo Shipping Exchange on January 28, this period (January 21 to January 27), the Ningbo Export container Freight Index (NCFI) of the Maritime Silk Road Index released by Ningbo Shipping Exchange closed at 709.1 points, down 1.0% compared to the previous period.

Out of 21 routes, 10 routes saw an increase in the rate index, while 11 routes saw a decrease in the rate index. Among the major ports along the Maritime Silk Road, the freight rate index rose in six ports and fell in 10 ports.

In this period, the South American west route market fluctuated greatly. The liner companies have arranged a large area of temporary suspension after the holiday, and the route freight increased slightly. The index of freight rates for the South American and western routes was 379.4 points, up 8.7 percent from the previous week.

European routes: many upstream and downstream enterprises freight market the lunar New Year holiday is not over, the route to market booking prices stable as a whole. The European freight index stood at 658.3 points, down 1.1% from last week. The freight index for the route to the east was 1043.8 points, up 1.4% from last week; The Tiexi freight index was 1190.2 points, down 0.4% from the previous week.

North American routes: not obvious changes in market supply and demand, the overall smooth fluctuations of the line. The U.S.-East freight index stood at 891.7 points, down 1.6% from last week. The U.S. -West freight index was 768.2 points, down 1.3 percent from the previous week.

Middle East routes: liner carrying the goods is the hoarding before more, spot market booking prices fell slightly. The Middle East route index was 667.7 points, down 3.1 percent from last week.

Source:Wai Hang Yun